Lafarge to raise N89.2bn in rights issue

Lafarge Africa Plc has revealed plans to raise N89.2bn by way of a rights issue of 7.4 billion shares.

The firm, in a statement on Tuesday signed by its Company Secretary, Adewunmi Alode, said the Securities and Exchange Commission had cleared it to open its announced N89.2bn rights issue.

Alode said the N89.2bn would be raised by issuing six new shares for every seven shares held by shareholders as of December 4, 2018, which is the qualification date.
He stated that the 7,434,367,256 ordinary shares of 50 kobo each at N12.00 per share would be payable in full on acceptance.

Alode added that the acceptance list opened on December 17, 2018 and would close on January 23, 2019.

According to the statement, the rights being offered are tradable on the floor of the Nigerian Stock Exchange for the duration of the offer.

The statement read in part, “Please read the prospectus/rights circular and where in doubt, consult your stockbroker, fund/portfolio managers, accountants, banker, solicitor or any other professional adviser for guidance before subscribing.

“The lead issuing house is Chapel Hill Denham, while the joint issuing house is Stanbic IBTC Capital.”